CubicPV, a solar energy equipment manufacturer backed by Bill Gates’ Breakthrough Energy Ventures, has abandoned plans for a major U.S. silicon wafer factory due to plummeting product prices and soaring construction costs. The move deals a setback to the Biden administration’s goal of establishing a domestic solar energy supply chain. CubicPV had aimed to complete a 10 GW factory this year, capitalizing on new federal tax credits for solar projects. However, regulatory challenges emerged as solar facilities could claim subsidies even with overseas-made wafers. The company now plans to shift focus to panel manufacturing, with CEO Van Mierlo stepping down and Tim McCaffery taking over during the transition period. Global solar wafer prices have dropped 70% since the 2022 Inflation Reduction Act’s passage.
CubicPV responds to market shifts, abandons Wafer factory
Biden administration’s solar supply chain ambitions face setback as CubicPV restructures, abandoning wafer factory plans amid market shifts. (Image Credit: Pixels).
India, China, and Indonesia will lead APAC’s 57 GW dc floating solar capacity, achieving 31 GW (DC) combined by 2033. (Image Source: SOLARbytes)
EOS Capital Advisors advised Balanced Rock Power in selling its 25 MW solar project to Standard Solar. (Image Source: Standard Solar)
China Energy Engineering Corporation taps Huasun’s high-efficiency HJT solar modules for its 2024 projects. (Image Source: Huasun)
Saatvik Solar will supply GH2 Solar with bifacial PV modules over a 12-month period beginning January 2025. (Image Source: Saatvik Solar)